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Estimating the Precision of Welfare Measures

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  • Kling, Catherine L.

Abstract

Three methods for constructing standard errors of welfare estimates have been employed in the recreation demand literature: a Taylor's series approximation, the bootstrap, and a method proposed by Krinsky and Robb. This paper presents the results of a simulation experiment designed to examine the accuracy of these methods.

Suggested Citation

  • Kling, Catherine L., 1991. "Estimating the Precision of Welfare Measures," 1991 Annual Meeting, August 4-7, Manhattan, Kansas 271259, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
    • Handle: RePEc:ags:aaea91:271259
    DOI: 10.22004/ag.econ.271259
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    References listed on IDEAS

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    1. Jeffrey H. Dorfman & Catherine L. Kling & Richard J. Sexton, 1990. "Confidence Intervals for Elasticities and Flexibilities: Reevaluating the Ratios of Normals Case," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(4), pages 1006-1017.
    2. Green, Richard & Hahn, William & Rocke, David, 1987. "Standard Errors for Elasticities: A Comparison of Bootstrap and Asymptotic Standard Errors," Journal of Business & Economic Statistics, American Statistical Association, vol. 5(1), pages 145-149, January.
    3. Catherine L. Kling & Richard J. Sexton, 1990. "Bootstrapping in Applied Welfare Analysis," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 72(2), pages 406-418.
    4. Krinsky, Itzhak & Robb, A Leslie, 1986. "On Approximating the Statistical Properties of Elasticities," The Review of Economics and Statistics, MIT Press, vol. 68(4), pages 715-719, November.
    5. Dorfman, Jeffrey H. & Kling, Catherine L. & Sexton, Richard J., 1990. "Confidence Intervals for Elasticities and Flexibilities," 1990 Annual meeting, August 5-8, Vancouver, Canada 270866, American Agricultural Economics Association (New Name 2008: Agricultural and Applied Economics Association).
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    1. Torres, Cati & Hanley, Nick & Riera, Antoni, 2011. "How wrong can you be? Implications of incorrect utility function specification for welfare measurement in choice experiments," Journal of Environmental Economics and Management, Elsevier, vol. 62(1), pages 111-121, July.
    2. Timothy C. Haab, "undated". "A Utility Based Repeated Discrete Choice Model of Consumer Demand," Working Papers 9611, East Carolina University, Department of Economics.
    3. J. Paul Combs & Rickey C. Kirkpatrick & Jason F. Shogren & Joseph A. Herriges, 1993. "Matching Grants and Public Goods: a Closed-Ended Contingent Valuation Experiment," Public Finance Review, , vol. 21(2), pages 178-195, April.
    4. Arne Risa Hole, 2007. "A comparison of approaches to estimating confidence intervals for willingness to pay measures," Health Economics, John Wiley & Sons, Ltd., vol. 16(8), pages 827-840, August.
    5. Carson, Richard T. & Czajkowski, Mikołaj, 2019. "A new baseline model for estimating willingness to pay from discrete choice models," Journal of Environmental Economics and Management, Elsevier, vol. 95(C), pages 57-61.
    6. Christiana E. Hilmer & Matthew T. Holt & Richard C. Bishop, 2010. "Bootstrapping Your Fish or Fishing for Bootstraps? Precision of Welfare Loss Estimates from a Globally Concave Inverse Demand Model of Commercial Fish Landings in the U.S. Great Lakes," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 93(1), pages 98-112.
    7. Moore, Rebecca & Bishop, Richard C. & Provencher, Bill & Champ, Patricia A., 2009. "Accounting for Respondent Uncertainty to Improve Willingness-to-Pay Estimates," Staff Papers 92233, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    8. Rebecca Moore & Richard C. Bishop & Bill Provencher & Patricia A. Champ, 2010. "Accounting for Respondent Uncertainty to Improve Willingness‐to‐Pay Estimates," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 58(3), pages 381-401, September.
    9. Larson, Douglas & Lew, Daniel & Loomis, John, 1999. "Are Revealed Preference Measures of Quality Change Benefits Statistically Significant?," Western Region Archives 321712, Western Region - Western Extension Directors Association (WEDA).
    10. Kataria, Mitesh, 2009. "Willingness to pay for environmental improvements in hydropower regulated rivers," Energy Economics, Elsevier, vol. 31(1), pages 69-76, January.
    11. Joseph Cooper & John Loomis, 1993. "Testing whether waterfowl hunting benefits increase with greater water deliveries to wetlands," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 3(6), pages 545-561, December.
    12. F Alpizar & F Carlsson & P Martinsson, 2003. "Using Choice Experiments for Non-Market Valuation," Economic Issues Journal Articles, Economic Issues, vol. 8(1), pages 83-110, March.
    13. Catalina M. Torres Figuerola & Nick Hanley & Antoni Riera Font, 2008. "The implications of incorrect utility function specification for welfare measurement in choice experiments," CRE Working Papers (Documents de treball del CRE) 2008/6, Centre de Recerca Econòmica (UIB ·"Sa Nostra").
    14. Cooper, Joseph C., 1995. "The Application of Nonmarket Valuation Techniques to Agricultural Issues," Staff Reports 333359, United States Department of Agriculture, Economic Research Service.
    15. Poe, Gregory L. & Giraud, Kelly L. & Loomis, John B., 2001. "Simple Computational Methods for Measuring the Difference of Empirical Distributions: Application to Internal and External Scope Tests in Contingent Valuation," Staff Papers 121130, Cornell University, Department of Applied Economics and Management.
    16. Poe, Gregory L. & Lossin, Eric K. & Welsh, Michael P., 1992. "A Convolutions Approach to Measuring the Differences in Benefit Estimates from Dichotomous Choice Contingent Valuation Studies," Staff Papers 200545, University of Wisconsin-Madison, Department of Agricultural and Applied Economics.
    17. Eggert, Håkan & Olsson, Björn, 2004. "Heterogeneous preferences for marine amenities: A choice experiment applied to water quality," Working Papers in Economics 126, University of Gothenburg, Department of Economics.
    18. Carlsson, Fredrik & Frykblom, Peter & Liljenstolpe, Carolina, 2003. "Valuing wetland attributes: an application of choice experiments," Ecological Economics, Elsevier, vol. 47(1), pages 95-103, November.
    19. David S. Bullock & Klaus Salhofer & Jukka Kola, 1999. "The Normative Analysis of Agricultural Policy: A General Framework and Review," Journal of Agricultural Economics, Wiley Blackwell, vol. 50(3), pages 512-535, September.

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